QRPNX vs. QMHNX

Last updated Apr 2, 2026

Compare and contrast key facts about AQR Alternative Risk Premia Fund Class N (QRPNX) and AQR Managed Futures Strategy HV Fund Class N (QMHNX).

QRPNX is an actively managed fund by AQR. It was launched on Sep 19, 2017. QMHNX is an actively managed fund by AQR. It was launched on Jul 16, 2013.

Performance

QRPNX vs. QMHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Alternative Risk Premia Fund Class N (QRPNX) and AQR Managed Futures Strategy HV Fund Class N (QMHNX). The values are adjusted to include any dividend payments, if applicable.

QRPNX vs. QMHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QRPNX AQR Alternative Risk Premia Fund Class N	9.02%	23.09%	18.64%	6.94%	24.83%	14.04%	-21.20%	-3.25%	-4.58%
QMHNX AQR Managed Futures Strategy HV Fund Class N	13.82%	19.65%	10.48%	-0.40%	49.64%	-2.30%	-0.85%	1.55%	-10.64%

Returns By Period

In the year-to-date period, QRPNX achieves a 9.02% return, which is significantly lower than QMHNX's 13.82% return.

QRPNX

• 1D: 0.47%
• 1M: -0.13%
• YTD: 9.02%
• 6M: 14.05%
• 1Y: 19.10%
• 3Y*: 19.88%
• 5Y*: 17.45%
• 10Y*: —

QMHNX

• 1D: -0.62%
• 1M: 1.71%
• YTD: 13.82%
• 6M: 18.02%
• 1Y: 25.90%
• 3Y*: 17.50%
• 5Y*: 16.03%
• 10Y*: 4.69%

*Multi-year figures are annualized to reflect compound growth (CAGR)

QRPNX vs. QMHNX - Expense Ratio Comparison

QRPNX has a 5.29% expense ratio, which is higher than QMHNX's 4.12% expense ratio.

QRPNX

AQR Alternative Risk Premia Fund Class N

QMHNX

AQR Managed Futures Strategy HV Fund Class N

Return for Risk

QRPNX vs. QMHNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QRPNX

QRPNX Risk / Return Rank: 79
QRPNX Sharpe Ratio Rank: 88
QRPNX Sortino Ratio Rank: 83
QRPNX Omega Ratio Rank: 86
QRPNX Calmar Ratio Rank: 76
QRPNX Martin Ratio Rank: 64

QMHNX

QMHNX Risk / Return Rank: 85
QMHNX Sharpe Ratio Rank: 89
QMHNX Sortino Ratio Rank: 83
QMHNX Omega Ratio Rank: 81
QMHNX Calmar Ratio Rank: 94
QMHNX Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QRPNX vs. QMHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Alternative Risk Premia Fund Class N (QRPNX) and AQR Managed Futures Strategy HV Fund Class N (QMHNX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	QRPNX	QMHNX	Difference
Sharpe ratio Return per unit of total volatility	1.80	1.89	-0.09
Sortino ratio Return per unit of downside risk	2.22	2.32	-0.11
Omega ratio Gain probability vs. loss probability	1.36	1.34	+0.02
Calmar ratio Return relative to maximum drawdown	1.91	3.27	-1.36
Martin ratio Return relative to average drawdown	6.45	8.68	-2.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QRPNX vs. QMHNX - Sharpe Ratio Comparison

The current QRPNX Sharpe Ratio is 1.80, which is comparable to the QMHNX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of QRPNX and QMHNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QRPNX	QMHNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.89	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.50	0.94	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.35	+0.38

Correlation

The correlation between QRPNX and QMHNX is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QRPNX vs. QMHNX - Dividend Comparison

QRPNX's dividend yield for the trailing twelve months is around 1.04%, less than QMHNX's 1.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QRPNX AQR Alternative Risk Premia Fund Class N	1.04%	1.14%	2.04%	4.33%	0.00%	3.84%	1.98%	0.57%	0.07%	0.00%	0.00%	0.00%
QMHNX AQR Managed Futures Strategy HV Fund Class N	1.66%	1.89%	2.09%	7.36%	8.75%	10.64%	7.79%	3.80%	0.00%	0.00%	0.01%	7.47%

Drawdowns

QRPNX vs. QMHNX - Drawdown Comparison

The maximum QRPNX drawdown since its inception was -28.78%, smaller than the maximum QMHNX drawdown of -40.29%. Use the drawdown chart below to compare losses from any high point for QRPNX and QMHNX.

Drawdown Indicators

	QRPNX	QMHNX	Difference
Max Drawdown Largest peak-to-trough decline	-28.78%	-40.29%	+11.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-8.40%	-2.39%
Max Drawdown (5Y) Largest decline over 5 years	-11.22%	-19.23%	+8.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.34%	—
Current Drawdown Current decline from peak	-0.47%	-1.23%	+0.76%
Average Drawdown Average peak-to-trough decline	-8.01%	-18.52%	+10.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.16%	+0.10%

Volatility

QRPNX vs. QMHNX - Volatility Comparison

The current volatility for AQR Alternative Risk Premia Fund Class N (QRPNX) is 2.56%, while AQR Managed Futures Strategy HV Fund Class N (QMHNX) has a volatility of 4.04%. This indicates that QRPNX experiences smaller price fluctuations and is considered to be less risky than QMHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QRPNX	QMHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	4.04%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	6.48%	9.99%	-3.51%
Volatility (1Y) Calculated over the trailing 1-year period	11.41%	14.17%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.69%	17.22%	-5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.33%	15.46%	-5.13%